Sunset Strip (Afternoon Report) - Aussie market started positive and fell down from there on continued China and local economy worries

Sunset Strip (Afternoon Report) - Aussie market started positive and fell down from there on continued China and local economy worries. China PMI and Commission of Audit report made sure the sentiment remained negative. We were surprised at the flat performance yesterday for the end of month, but the trend was back today. Despite being positive long term, we turned negative on Apr 11th on valuation and macro worries. Mixed US corporate/macro updates, US Fed tapering, rising Ukraine risk, China growth risk, Bank dividend cycle sell off, Stretched valuation and institutional investors coming back after 2 weeks holiday drives the risk/return balance towards profit taking mode. Putin remains the key to Euro growth struggling with deflation. (VIEW LINK)